Family dynamics can be extremely challenging. And if you don’t start thinking and talking about succession early enough, you are putting your family business legacy at risk. Starting early gives all siblings an opportunity to work together to develop communication and conflict resolution skills.
This article is a good read, filled with practical insights, such as:
“Adopting a ‘business first’ attitude to questions of succession can be one way to maintain the health of the company, because it demands that the employment and salary of all family members are linked to their qualifications, rather than to their last name.”
“At the same time, families need to remember the underlying family values of trust, love and respect they share – hopefully being the glue that holds the family together as they do through transitions.”